A. There is established by the Vancouver City Council a Culture, Arts and Heritage Commission (“Commission”) as a public development authority pursuant to RCW 21.730.757 as amended.
B. A public development authority is created to administer and execute federal grants or programs; to receive and administer private funds, goods or services for any lawful public purpose, issue debt, and to perform any lawful public purpose or public function. Lawful public purposes or public functions include, but are not limited to, improving the administration of authorized federal grants or programs, improving governmental efficiency and services and improving the general living conditions in the City of Vancouver as authorized under the Act.
C. The purpose of the Culture, Arts and Heritage Commission is to undertake, assist with and otherwise facilitate the development and promotion of a thriving cultural, arts and heritage environment in the City of Vancouver through programs, ownership of physical assets including buildings and public art, and through community partnerships. The Commission may acquire and manage real property; secure financing; undertake the development or redevelopment, construction and maintenance of structures and facilities, including public amenities; and enter into agreements with cultural, public and other not-for-profit entities or with private developers proposing to develop public facilities or retail for the purposes of promoting art, culture and/or heritage in the City of Vancouver. Such activities shall be consistent with the Culture, Arts and Heritage Plan adopted by the City Council.
As desirable and appropriate, the Commission shall serve as a vehicle to undertake or assist with the establishment, development, operation and maintenance of public culture, arts and/or heritage facilities in the City of Vancouver. Consistent with applicable law and utilizing all lawful means, the Commission shall work to facilitate and maximize private sector participation in such projects.
D. For the purpose of securing the exemption from federal income taxation for interest on obligations of the Commission, the Commission constitutes an authority and instrumentality of the City of Vancouver (within the meaning of those terms in regulations of the United States Treasury and rulings of the Internal Revenue Service prescribed pursuant to Sections 103 and 145 of the Internal Revenue Code of 1986, as amended).